BELECTRON: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BELECTRON
Largest movements
- Stocks and contracts -€162,786
down €162,786 (-22.2%), from €733,354 to €570,568
- Tangible fixed assets -€38,827
down €38,827 (-37.9%), from €102,499 to €63,672
of which Other tangible fixed assets: -€23,980
- Cash +€22,885
up €22,885 (+24.5%), from €93,317 to €116,202
mainly Stocks and contracts (+€162,786) and Depreciation (+€39,397)
- Receivables within one year +€12,525
up €12,525 (+30.5%), from €41,085 to €53,610
of which Trade receivables: +€12,525
- Profit (loss) carried forward -€125,405
down €125,405 (-60.1%), from €208,647 to €83,242
- Other debts -€55,500
down €55,500 (-15.2%), from €365,100 to €309,600
- Tax, wage and social debts +€23,318
up €23,318 (+52.6%), from €44,306 to €67,624
of which Remuneration and social security: +€14,927
- Financial charges -€225,156
down €225,156 (-96.0%), from €234,581 to €9,424
of which Non-recurring financial charges: -€225,850
- Gross operating margin -€184,025
down €184,025 (-73.7%), from €249,544 to €65,520
- Staff costs +€7,090
up €7,090 (+4.9%), from €143,401 to €150,491
- Financial income +€4,524
up €4,524 (+31.6%), from €14,299 to €18,823
From the 2025 result to the 2026 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €980,282 | €810,529 | -€169,753 | -17.3% |
| Fixed assets | 21/28 | €102,549 | €63,722 | -€38,827 | -37.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €102,499 | €63,672 | -€38,827 | -37.9% |
| Plant, machinery and equipment | 23 | €4,204 | €3,265 | -€939 | -22.3% |
| Furniture and vehicles | 24 | €10,041 | €1,419 | -€8,622 | -85.9% |
| Leasing and similar rights | 25 | €26,397 | €21,111 | -€5,286 | -20.0% |
| Other tangible fixed assets | 26 | €61,858 | €37,878 | -€23,980 | -38.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €877,732 | €746,806 | -€130,926 | -14.9% |
| Stocks and contracts in progress | 3 | €733,354 | €570,568 | -€162,786 | -22.2% |
| Stocks | 30/36 | €733,354 | €570,568 | -€162,786 | -22.2% |
| Amounts receivable within one year | 40/41 | €41,085 | €53,610 | +€12,525 | +30.5% |
| Trade receivables | 40 | €40,621 | €53,146 | +€12,525 | +30.8% |
| Other amounts receivable | 41 | €464 | €464 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €93,317 | €116,202 | +€22,885 | +24.5% |
| Deferred charges and accrued income | 490/1 | €9,976 | €6,427 | -€3,550 | -35.6% |
| Total equity and liabilities | 10/49 | €980,282 | €810,529 | -€169,753 | -17.3% |
| Equity | 10/15 | €468,935 | €343,530 | -€125,405 | -26.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €135,288 | €135,288 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €122,894 | €122,894 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,647 | €83,242 | -€125,405 | -60.1% |
| Amounts payable | 17/49 | €511,347 | €466,998 | -€44,348 | -8.7% |
| Amounts payable after more than one year | 17 | €23,620 | €17,294 | -€6,326 | -26.8% |
| Financial debts | 170/4 | €23,620 | €17,294 | -€6,326 | -26.8% |
| Amounts payable within one year | 42/48 | €487,727 | €449,704 | -€38,023 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €11,024 | €6,245 | -€4,780 | -43.4% |
| Trade debts | 44 | €64,159 | €63,711 | -€448 | -0.7% |
| Suppliers | 440/4 | €64,159 | €63,711 | -€448 | -0.7% |
| Advances received on contracts in progress | 46 | €3,137 | €2,524 | -€613 | -19.5% |
| Taxes, remuneration and social security | 45 | €44,306 | €67,624 | +€23,318 | +52.6% |
| Taxes | 450/3 | €23,239 | €31,630 | +€8,391 | +36.1% |
| Remuneration and social security | 454/9 | €21,067 | €35,995 | +€14,927 | +70.9% |
| Other amounts payable | 47/48 | €365,100 | €309,600 | -€55,500 | -15.2% |
| Non-recurring operating income | 76A | €2,893 | €0 | -€2,893 | -100.0% |
| Remuneration, social security and pensions | 62 | €143,401 | €150,491 | +€7,090 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,524 | €39,397 | -€2,127 | -5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,969 | €0 | -€1,969 | -100.0% |
| Other operating charges | 640/8 | €9,907 | €10,435 | +€528 | +5.3% |
| Gross operating margin | 9900 | €249,544 | €65,520 | -€184,025 | -73.7% |
| Operating profit (loss) | 9901 | €52,744 | -€134,803 | -€187,548 | |
| Financial income | 75/76B | €14,299 | €18,823 | +€4,524 | +31.6% |
| Recurring financial income | 75 | €14,299 | €18,823 | +€4,524 | +31.6% |
| Financial charges | 65/66B | €234,581 | €9,424 | -€225,156 | -96.0% |
| Recurring financial charges | 65 | €5,703 | €6,397 | +€694 | +12.2% |
| Non-recurring financial charges | 66B | €228,878 | €3,027 | -€225,850 | -98.7% |
| Profit (loss) for the period before taxes | 9903 | -€167,538 | -€125,405 | +€42,133 | +25.1% |
| Profit (loss) for the period | 9904 | -€167,538 | -€125,405 | +€42,133 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€167,538 | -€125,405 | +€42,133 | +25.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.